Small Business Insurance Maryland

Costs resulting from claims of injury or property damage can add up fast. That’s why many Maryland small businesses purchase general liability insurance.

Also called commercial general liability, this type of coverage can help pay medical bills and to repair or replace items if a non-employee says your business caused bodily injury or property damage. It can also help cover legal fees if you are sued.

For instance, an employee of a Baltimore landscaping company damages a client’s retaining wall while working at a row house. General liability coverage could help the business pay to repair the wall and assist with costs if the homeowner filed a lawsuit.

Tools and equipment insurance is an optional general liability add-on for businesses in the construction and cleaning industries. It can help pay to replace and repair essential gear that’s stolen, damaged or lost outside of wear and tear.

The Old Line State requires most businesses with employees to carry Maryland workers’ compensation insurance. If staff members get hurt on the job, this kind of coverage can help pay for medical expenses, physical therapy and lost wages while they recover.

For example, an employee of a Columbia-based retail store falls off a ladder in the stock room and requires surgery for a broken wrist. Workers’ comp could help cover the staffer’s hospital bills, rehabilitation costs and part of their wages while they’re unable to work.

Businesses that own vehicles will need commercial auto insurance. That’s because personal auto policies won’t cover business-related accidents.

Commercial auto insurance would be important for a Maryland business in the following situation:

A general contractor based in Hagerstown has a fender bender in a company van while leaving a job site, smashing his vehicle and another. Commercial auto insurance could help pay to repair the auto damage. If anyone is hurt, coverage could also help cover medical costs.

Hired and non-owned auto coverage is an optional add-on to commercial auto. It can help cover accident damages If you ask employees to rent vehicles or drive their personal autos for business.

Maryland commercial property insurance, sometimes called business property insurance, can help pay for business property that’s damaged or destroyed after a covered event, such as water, fire or wind incidents.

For example, a kitchen fire at a Bethesda casual dining restaurant damages the cooking station. Commercial property coverage could help pay to repair the grill and replace equipment that was ruined.

It’s important to read your policy documents carefully to make sure there aren’t exclusions for your business. Carriers often don’t cover flood and hurricane damage.

Maryland professional liability coverage, which is also known as E&O or errors and omissions insurance, can help small businesses in cases of alleged professional negligence.

If you’re accused of delivering poor work, missing deadlines or not completing work, professional liability can help you defend your company by assisting with court costs, lawyer fees and settlements.

For instance, a government client accuses a Silver Spring management consultant of giving bad advice, which leads to significant financial losses. Professional liability coverage could help the consultant settle out of court or mount a legal defense.